2006 Nebraska Revised Statutes - § 12-1107 — Trustees; acceptance of funds; conditions; powers.

Section 12-1107
Trustees; acceptance of funds; conditions; powers.

(1) Banks which do not have a separate trust department and building and loan associations and credit unions acting as trustees under the Burial Pre-Need Sale Act shall accept trust funds only to the extent that the full amount of all of such funds is insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.

(2) Banks with a separate trust department and trust companies acting as trustees under the Burial Pre-Need Sale Act when investing or reinvesting trust funds shall have the power to deal with such funds as a prudent trustee would deal with the funds and shall have all of the powers granted to a trustee by the Nebraska Uniform Trust Code, but the Uniform Principal and Income Act shall not be applicable and all income, whether from interest, dividends, capital gains, or any other source, shall be considered as income.

Source:

Laws 1986, LB 643, § 7

Laws 1992, LB 757, § 14

Laws 1999, LB 107, § 2

Laws 2001, LB 56, § 35

Laws 2003, LB 130, § 112

Laws 2003, LB 131, § 20

Cross References:

Nebraska Uniform Trust Code,see section 30-3801.

Uniform Principal and Income Act,see section 30-3116.

~Revised Statutes Cumulative Supplement, 2006